Norwegian OSV Trio Forms Solstad Farstad
Solstad, Farstad and Deep Sea Supply (DESSC) have completed the transactions related to the previously announced merger to create a new OSV company, Solstad Farstad.
The completion of the mergers was registered in the Norwegian Register of Business Enterprises after close of trading on the Oslo Stock Exchange on June 21, 2017.
As a result of the completion of the mergers, Farstad Shipping and Deep Sea Supply have been dissolved and removed from listing on the Oslo Stock Exchange.
Solstad Farstad has a fleet of 152 OSVs of which 33 are CSVs, 64 PSVs and 55 AHTS. The company will operate out of Skudeneshavn, Norway.
“Today marks the beginning of a new company based on the proud heritage of three leading OSV companies. Over the last few months, the three organizations have worked together on the closing process and prepared the important integration process. I want to use the opportunity to thank everyone who has been involved and put in a lot of effort over the last months. Now, the real work starts as we need to extract the cost and revenue synergies identified,” said Lars Peder Solstad, CEO of Solstad Farstad on Wednesday.
SOFF’s board of directors now consists of Terje Vareberg (Chairman), Toril Eidesvik, Ellen Solstad, Frank O. Reite, Harald Thorstein, Sverre A Farstad and Merete Haugli.
Following the merger, Aker Capital, a subsidiary of Aker ASA, holds 20.1 % of the shares and votes, and Ocean Yield, a subsidiary of Aker, holds 3.0 % of the shares and votes. Hemen Holding holds 16.1 % of the shares and votes. The Solstad family holds approximately 7.2 % of the shares and votes. On a consolidated basis, the Farstad family holds 1.5 % of the shares and votes.